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Latvijas balzams Reports First Quarter Results


The unaudited turnover of the Company in the first quarter of 2018 reached EUR 15 million, which is 14.8% less than in the first quarter of 2017.

The main driver is decreasing of orders and sales volumes from key customers and markets – Lithuania, USA, Spain, Stoli Group. The Company expects turnover will also underperform the results of 2017 during the second quarter of the year. Accordingly, the unaudited profits for the reporting period are EUR 0.74 million which represents a 37% decrease versus the first quarter of 2017. At the same time, markets show healthy overall depletions so total yearly sales volumes should outperform results for the year 2017.